In the current economic environment, both personal and business bankruptcies are expected to dramatically increase. Every banker should have a fundamental understanding of the U.S. Bankruptcy Code and your bank's rights and obligations thereunder. This webinar will introduce you to the world of bankruptcy. It is designed for lenders and support staff with the goal of educating them on the fundamentals of both consumer and commercial bankruptcy law, including the new Small Business Reorganization Act of 2019, which went into effect February 19, 2020 and the temporary changes to the Bankruptcy Code under the COVID-19 stimulus package to expand relief to small businesses and individual debtors. Practical information for daily use will be provided.
- Talk the talk: Bankruptcy terminology
- The basics of the Bankruptcy Court system and the role of the U.S. Trustee's office
- An overview of the various chapters of the Bankruptcy Code (7, 9, 11, 12 and 13)
- The Small Business Reorganization Act of 2019
- Temporary Amendments to the Bankruptcy Code under the COVID-19 Stimulus Package
- Setoffs and foreclosure sales: The automatic stay and what the bank can and cannot do after it goes into effect
- Filing a proof of claim
- Secured vs. Unsecured vs. Undersecured Claims
- Exempt property
- What debts of an individual can and cannot be discharged
- The order or "priority" in which claims are paid in bankruptcy
- Rules on Reaffirmation Agreements
- Pursuing guarantors when a borrower files bankruptcy
- Rejection of leases and executory contracts: how they can affect the bank's collateral values
- Bankruptcy timetable and special rules for single asset real estate cases
Who Should Attend?
This program is designed for all lenders and their support staff.
"Very good review of the bankruptcy laws and how it effects the bank. Like having examples which apply to the content." -- Paula Bows, Collections Manager, Cape Cod Five Cents Savings Bank
"The material was presented in an organized and excellent manner. It helped me understand the overall bankruptcy procedures used as a banker. Very helpful." -- Elizabeth Frangiosa, Enterprise Bank
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